GulfBase Live Support
25/10/2016 05:21 AST
Saudi Arabia’s stock market closed higher for a fourth straight session on Monday after last week’s mega international bond sale by the government boosted sentiment. Dubai’s index edged up 0.1 per cent with GFH Financial Group, the most traded stock, jumping 6.4 per cent.
Riyadh’s stock index rose 1.0 per cent, taking its gains over the last four sessions to 6.2 per cent.
It underperformed the region earlier this year as low oil prices and government austerity measures hit the economy hard, so it may now have more room to snap back.
“At current valuations, the positive mood in the market is not likely to fade, but investors are starting to hunt for bargain buys,” said a Jeddah-based portfolio manager.
Petrochemical and industrial company Alujain jumped 7.6 per cent after it said it would distribute a dividend of 0.5 riyal per share for 2016 - its first dividend since 1998.
Retail chain Jarir Marketing gained 3.2 per cent after Chairman Muhammad Alagil told Reuters that the retail sector’s slump might be close to ending: “We think the sharp decline is fundamentally over, or will be over by the end of this year.”
The stock had dropped 45 per cent year-to-date.
Alagil said it was excessively cheap and he didn’t exclude the possibility of a share buy-back, though he stressed this would depend on the board’s decision.
Other local demand-driven shares also firmed, with Jarir’s competitor United Electronics (Extra) adding 3.0 per cent.
But Deyaar Development fell 0.2 per cent despite reporting a 22.5 per cent jump in third-quarter profit; revenue for the period soared five times.
Abu Dhabi slipped 0.2 per cent, weighed down by declines in blue chips.
Telecommunication operator Etisalat dropped 1.0 per cent and First Gulf Bank lost 0.9 per cent.
Both companies are due to report quarterly results on Wednesday.
But Abu Dhabi Commercial Bank added 0.7 per cent, recovering from an initial drop in its first hour of trade after reporting a 17 per cent fall in third-quarter profit to 999.1 million dirhams ($272 million).Three analysts polled by Reuters had on average forecast 1.10 billion dirhams.
The stock rebounded in active trade to stand 0.2 per cent higher.
In Qatar, the index dropped 0.3 per cent as petrochemicals, metals and fertiliser producer Industries Qatar fell 2.2 per cent after posting a 28.9 per cent drop in third-quarter net profit to 759.7 million riyals ($208.7 million).Analysts had forecast 996.6 million riyals. Egypt’s index of the 30 most valuable shares retreated 0.6 per cent.
The Gulf Today
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
STC | 83.41 | 257,644 |
DARALARKAN | 13.47 | 74,648,349 |
ADX 4,608.97
2,214.71 (92.50
DFM 3,091.15
-9.24 (-0.30
Ticker | Price | Change |
---|---|---|
EMIRATESNBD | 10.65 | 0.05 (0.47 |
EIB | 9.50 | 0.00 (0.00 |
EMAAR | 5.61 | -0.03 (-0.54 |
EMAARMALLS | 2.16 | 0.00 (0.00 |
DIB | 5.30 | 0.00 (0.00 |
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